Renting a property has never been more expensive, as new data shows prices are soaring amid Australia’s cost of living crisis.
Rents hit record highs across the country’s combined capitals, according to Domain’s Quarterly Rent Report, with Canberra still the most expensive city for houses and units.
The median weekly rent for a house in the nation’s capital hit $690 a week, while Brisbane had the biggest year-on-year increase of 16.9 per cent, taking the cost to $520.
This was the steepest annual rise in the city’s history, which has been attributed to young families relocating to Greater Brisbane during the COVID-19 pandemic.
Melbourne remained the most affordable city to rent a house, which was $460 a week after a rise of 2.2 per cent in the June quarter.
Unit rents in Canberra were the most expensive at $550 a week, marking a 10 per cent year-on-year increase.
Adelaide was the…